The rental property management industry is shifting quickly, and that is understandable. This evolution is being pushed by new advanced technologies, shifting renter demographics, and fluctuating market dynamics. The property management landscape has been permanently altered by these aspects together.
As a professional in the industry, staying ahead of the trends is indispensable. So, what lies yet to be for property management? Here’s an impression of some of the most innovative and unique trends currently shaping the future of rental property management.
Remote Property Management and Virtual Assistants
Virtual and AI technologies have led to a rapid increase in the use of remote teams and assistants to manage rental properties. Actually, remote work is altering how property managers operate, from overseeing property maintenance to engaging with renters. With the aid of new tech solutions, this trend is probably going to expand in a couple of years.
Chores that previously required a property manager to be on the spot are now attainable remotely, from maintenance to inspections and beyond. In the next couple of years, virtual assistants might even be able to perform chores like tenant assessment, lease drafting, and much more. They can reply quickly to tenant inquiries and requests. This is surely a trend to keep an eye on.
Augmented Reality for Property Tours
In the industry of property management, virtual tours are already a hot trend. The following step in developing this idea would be augmented reality, where virtual tours become a 3D experience. Even though technology capable of creating such experiences exists right now, it hasn’t yet been broadly utilized in property management.
However, as renter demographics become younger and more tech-savvy, the leasing procedure will likely shift dramatically toward an end-to-end virtual experience. These technologies can be a great time saver for property managers, lowering the need for multiple in-person showings and other undertakings.
Blockchain in Leasing
Digital finance tools are currently making rent payment processes and record-keeping tasks more efficient. Where these payment platforms are likely to go next is the adoption of blockchain technology to offer renters new ways to pay rent and develop smart contracts and secure, open leasing agreements.
One of blockchain technology’s outstanding benefits is its ability to streamline identity verification and even background checks, reducing the chance of fraud or scams. This particular trend is in its early stages in the property management industry but has the power to suddenly trend in the months and years to come.
AI-Powered Property Management Tools
The last few years have seen significant growth in property management software. With the arrival of AI-powered platforms, these tools have the ability to revolutionize a wide range of property management tasks and processes. An important among these would be the possibility of using predictive analytics, anticipating property needs, and optimizing the performance of an investment property.
In place of waiting for service demands or, worse, emergency repair calls, AI property management tools could anticipate these expenses and organize the most cost-effective way to resolve them. That characteristic alone could greatly reduce the time spent on property maintenance and repair matters.
Flexible Leasing Models and Co-Living Spaces
In several markets, rental prices have increased beyond what most people can afford. This financial scenario and changing lifestyles for some of the most populous renter demographics drive the necessity for more flexible living arrangements and shared spaces. In actuality, there are hints that a major trend for the coming years will be the rapid expansion of renters opting for cost-sharing arrangements, short-term leases, and co-living spaces.
Property managers can foresee and respond to this trend by adopting leasing models that deliver this kind of flexibility and working with property owners to adjust current properties to the needs of today’s digital nomads, remote workers, and community-minded renters.
The Future of Property Management
Technology, sustainability, and unstable renter preferences are already affecting the future of property management. Keep tabs on upcoming industry trends and, when needed, look for professional advice to keep your competitive edge.
As a result, the smartest move you could make is to partner with a property management organization that is contemplating the future. Real Property Management DePenn provides expert support in incorporating new industry trends and remaining competitive in the ever-changing market in White Plains and its vicinity. Contact us online or call 866-820-9913 today for additional information.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
